The magazine studied the 100 most populous metro areas based on several factors, including population growth for 2012 and 2013, the rate of job growth in 2012 and the rate of gross metro product growth for 2012. The magazine also studied federal unemployment data and median salaries for local college-educated workers.

Austin ranked as the No. 1 fastest growing metro area in the country in terms of population and the economy. This is Austin's third straight time to get the top spot in the poll. Houston earned the No. 2 spot, rising from No. 4 last year, and was followed by Dallas. San Antonio was No. 9 on the list for 2013.

According to the statistics gathered by Forbes, Houston, including the Sugar Land and Baytown areas, has a growth rate of 2 percent for both 2012 and 2013. The job growth rate is 3.4 percent and the employment rate is 5.8 percent. The median salary for Houstonians is $70,900.

Last year, Houston earned another accolade from Forbes when it was named America's "coolest" city, partly because of the young professionals flocking to the thriving local economy, the magazine reported. In that ranking, Austin came in at No. 19.